BTCUSD and EURNZD – Both Bullish! (Elliott Wave)

Intermediate

BTCUSD is recovering in a five-wave manner up from the 9200 region, where a higher degree correction had found a base. We see a clear recovery underway, which can now be stopping for a temporary correction as wave (iv), which can be either a flat or a triangle. Once wave (iv) fully develops, that is when we expect to see a new bullish continuation towards the 13000 area.

BTCUSD, 1h

BTCUSD Chart 2019-08-06

EURNZD looks to be trading in a big bullish cycle, with price currently unfolding a possible three-wave correction into a wave iv of a higher degree. If that is the case, the potential support at 1.700/1.695 region can be touched, before bulls resume to take price price higher.

EURNZD, 1h

EURNZD Chart 2019-08-06

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Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which p... Continued

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